Social Security Raise

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Thursday, October 20, 2011 - 9:48am

Social Security recipients will get an increase in benefits next year.

For senior citizens the first social security retirement increase since 2009 is welcome news.

Beginning in January average benefits will go up but only by about $40 a month to keep up with the cost of living.

The recession has been squeezing seniors.

"The bottom 20% of senior citizens in our country live on incomes of less than $12,080 a year,” said Senator Bernie Sanders of Vermont.

Incomes are dropping as medical costs continue to climb, leaving seniors with some terrible choices.

"One in four seniors counts on social security for pretty much all of their income so for them it's absolutely critical. And every dollar counts," said AARP’s David Certner.

This senior says he's worried about the tough spending choices Uncle Sam is facing.

"I think it's a bad thing. Where are we going to get the money to do this?" said Social Security Recipient Dave Tuckerman.

But for many, many more seniors a few hundred dollars a year means a lot.
 

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